President Major General Muhammadu Buhari (retd.) expressed his concerns over the commitment of banks towards the success of the new naira policy on Friday. He stated that some banks are inefficient and only concerned with their own interests, causing difficulties through their selfishness and greed. Buhari appealed to citizens to give him seven days to resolve the nationwide cash crunch.
The President was speaking to members of the Progressive Governors Forum who visited him at the Presidential Villa to find solutions to the cash shortage, which they stated was causing increasing impatience among their constituents. Buhari noted that he had seen reports of cash shortages and difficulties faced by local businesses and individuals, and promised that the remaining seven days of the 10-day extension would be used to address any obstacles hindering the successful implementation of the policy.
The President also mentioned that he had received an assurance from the Central Bank of Nigeria (CBN) and the Minting Company that there would be a decision made during the remaining seven days of the extension. However, the governors informed the President that the execution of the new naira policy had not gone smoothly and that their constituents were becoming increasingly dissatisfied. They asked the President to intervene and request the CBN to allow the concurrent circulation of the new and old notes until the end of 2023.
Buhari explained that when he approved the new naira policy, he demanded an assurance from the CBN that the new notes would be printed locally, and they had given him the assurance that they had enough capacity, manpower, and equipment to do so. He stated that he would investigate what was actually happening. The President also emphasized that being close to the people, he had heard their complaints and would work to resolve the challenges.